Kerry Properties offers stamp duty subsidies, mortgage incentives to push Mantin Heights project

Kerry Properties says it will provide stamp duty subsidies and mortgages of up to 70 per cent to push sales of the remaining units at its luxury residential development, Mantin Heights in Ho Man Tin.

The developer released the price list for the latest batch of 149 flats at Mantin Heights at HK$20,967 per square foot to HK$38,803 per sq ft, a range of HK$11.21 million to HK$57.31 million for each unit.

Buyers will receive the equivalent of 12 per cent of a flat’s value to compensate them for the rising stamp duty, or a direct deduction of that amount from the unit’s price.

“Sales have been affected by the new stamp duty but the news probably will be digested in the first quarter of next year,” said Kerry’s executive director Chu Ip-pui. He expects home prices to stabilise next year.

At the same time, buyers at Mantin Heights will receive up to a 28-year first mortgage of up to 70 per cent of the apartment’s value through Kerry’s financial arm, much higher than the standard bank mortgage ceiling of 50 per cent for homes worth more than HK$10 million.

The occupation permit for the development is expected to be delivered by the first quarter of next year.

Chu said the developer had sold nearly 40 per cent, or 530 units at Mantin Heights, generating $7 billion. He said that prices for the latest batch of 149 units have been raised by one to 3 per cent due to the popularity of the project.